Sean (Age 72 at End of 2020)retired Five Years Ago

question 41

Essay

Sean (age 72 at end of 2020)retired five years ago. The balance in his 401(k)account on December 31, 2019, was $1,760,000 and the balance in his account on December 31, 2020, was $1,825,000. In 2020, Sean received a distribution of $65,000 from his 401(k)account(not a coronavirus-related distribution). Assuming Sean's marginal tax rate is 25 percent, what amount of the $65,000 distribution will Sean have left after paying income tax on the distribution and paying any minimum distribution penalties (use the Treasury table below in determining the required minimum distribution penalty, if any).

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Definitions:

Gene Expression

The process by which information from a gene is used to synthesize functional gene products (often proteins) that can affect a cell's structure and function.

Promoter

The nucleotide sequence in DNA to which RNA polymerase attaches to begin transcription.

Labeled

Marked with identifiers or tags for ease of identification or explanation.

Eukaryotic Transcription

The process by which genetic information from DNA is copied to messenger RNA in cells with a nucleus.